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Host America to Acquire GlobalNet
Hamden firm to pay $3.2 million for Texas company
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Business New Haven
12/22/2003
By: BNH
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HAMDEN - Host America Corp. (NASDAQ: CAFE) will acquire the Texas-based GlobalNet Energy Investors Inc. in a deal worth approximately $3.2 million.
GlobalNet shareholders will receive 550,000 shares of Host America common stock and will appoint two board members to the Host America board of directors.
The boards of directors of both companies have approved the sale, and the closing is expected by month's end.
GlobalNet, which has offices near Dallas, distributes energy-saving technology products and software made by EnergyNsync Inc.
The company recently received a listing from Underwriters Laboratories Inc. confirming that its industrial control panels comply with building code standards.
"At a time when energy conservation is at the forefront of federal legislation, we expect to play an important role in reducing electrical consumption throughout the country," said Eric Barger, president of GlobalNet, in a statement.
Designed for office, industrial and institutional facilities, the control panels reduce energy consumption by electrical equipment, motors and lighting systems.
Founded in 1986, Host America supplies food services to corporations and institutions in nine states. It also offers employee-screening services.
The company went public in 1998. It presently employs 350 people and projects generating some $30 million in sales this year.
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